Title of paper

6.1 Financial Literacy and Wealth-Building Consciousness: A Key Driver and Strategic Imperative for Building Wealth and Economic Empowerment

Presenter's country

United States

Start Date

17-8-2018 4:30 PM

End Date

17-8-2018 5:30 PM

Location

Bernhard Center 105-107

Submission type

Presentation

Abstract

Financial Literacy is a critical knowledge base and wealth-building tool necessary for optimizing one’s personal economy, and is a strategic imperative and pathway to Economic Empowerment for families, communities and nations. If Ethiopia, or Africa in general, is to be free of economic slavery, financial literacy may be the one lethal ammunition that can destroy the destitution and hopelessness that we have been conditioned to accept. History has proven that the insincere promise of “trickle-down economics” has been effectively utilized by the “Rich and Powerful” as a means to deprive poor nations and poor people of their basic human dignity and rights to economic freedom for themselves, their children and their communities. This paper is based on a financial literacy pilot program in Ethiopia, Banking in a Shoe Box, that challenges and dares as well as inspires young people in developing economies to take charge of their personal economics, to dare to dream and set audacious goals that lead their families and communities out of the bondage of the cycle of poverty. The paper also examines certain historical, cultural and current perspectives and realities that have mentally and economically shackled the working class to be unwitting participants to the systematically broadening gap in the economic divide between the rich and the poor, both intra- and inter-nationally. The harsh reality is that today’s working class, who work harder and longer to earn less, are conditioned to finance (by credit) their contribution to the unprecedented level of wealth and economic growth boasted by rich people, rich nations and their corporations. Education is the key to freedom, and financial literacy is the key to economic freedom. If our Ethiopia, and Africa in general, is to be free of economic slavery, the young must be encouraged and inspired to visualize and build a different economic future for us all.

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Aug 17th, 4:30 PM Aug 17th, 5:30 PM

6.1 Financial Literacy and Wealth-Building Consciousness: A Key Driver and Strategic Imperative for Building Wealth and Economic Empowerment

Bernhard Center 105-107

Financial Literacy is a critical knowledge base and wealth-building tool necessary for optimizing one’s personal economy, and is a strategic imperative and pathway to Economic Empowerment for families, communities and nations. If Ethiopia, or Africa in general, is to be free of economic slavery, financial literacy may be the one lethal ammunition that can destroy the destitution and hopelessness that we have been conditioned to accept. History has proven that the insincere promise of “trickle-down economics” has been effectively utilized by the “Rich and Powerful” as a means to deprive poor nations and poor people of their basic human dignity and rights to economic freedom for themselves, their children and their communities. This paper is based on a financial literacy pilot program in Ethiopia, Banking in a Shoe Box, that challenges and dares as well as inspires young people in developing economies to take charge of their personal economics, to dare to dream and set audacious goals that lead their families and communities out of the bondage of the cycle of poverty. The paper also examines certain historical, cultural and current perspectives and realities that have mentally and economically shackled the working class to be unwitting participants to the systematically broadening gap in the economic divide between the rich and the poor, both intra- and inter-nationally. The harsh reality is that today’s working class, who work harder and longer to earn less, are conditioned to finance (by credit) their contribution to the unprecedented level of wealth and economic growth boasted by rich people, rich nations and their corporations. Education is the key to freedom, and financial literacy is the key to economic freedom. If our Ethiopia, and Africa in general, is to be free of economic slavery, the young must be encouraged and inspired to visualize and build a different economic future for us all.